Record the transactions which occurred in the year ending

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Question - Raiders Corp. has the following capital structure at the beginning of 2020:

Preferred shares, $3, no par value, non-cumulative, 20,000 shares authorized, 6,000 shares issued and outstanding $ 300,000

Common shares, no par value, 60,000 shares authorized, 40,000 shares issued and outstanding 510,000

Total contributed capital 810,000

Retained earnings 340,000

Total shareholders' equity $1,150,000

Net income for the year is $225,000.

Instructions - Record the following transactions which occurred in the year ending December 31,2020. Show all calculations.

a) There are no dividends in arrears. A total cash dividend of $ 90,000 was declared. The preferred shares are participating to a maximum of 10%. Record dividends payable to common and preferred shares in separate accounts.

b) A 10% common stock dividend was declared and distributed. The market value of the common shares are $16 per share.

c) Incorporating all the above information and transactions, present the revised shareholders' equity as of December 31, 2020.

Reference no: EM132726908

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